Question 1

How much does PMI cost and when does it go away?

Accepted Answer

PMI (Private Mortgage Insurance) typically costs 0.5%–1.5% of your loan amount per year, added to your monthly payment. Under the Homeowners Protection Act, PMI automatically cancels when your remaining balance reaches 80% of the original home price. For example, on a $350,000 home with 5% down, PMI drops off once your balance falls below $280,000.

Question 2

How much can I save with bi-weekly mortgage payments?

Accepted Answer

Bi-weekly payments split your monthly payment in half and pay it every two weeks. Since there are 52 weeks in a year, you make 26 half-payments — equivalent to 13 full monthly payments instead of 12. That one extra payment per year can shave 4–6 years off a 30-year mortgage and save tens of thousands in interest.

Question 3

What is the real monthly cost of owning a home?

Accepted Answer

Your true monthly housing cost goes beyond the mortgage payment (principal + interest). It includes property taxes (typically 1%–2% of home value per year), homeowners insurance ($100–$300/month), and PMI if your down payment is under 20%. Use the Advanced Options in this calculator to see your full monthly cost broken down.

Label	Principal	Interest
1	3,130	18,108
2	3,339	17,898
3	3,563	17,675
4	3,801	17,436
5	4,056	17,181
6	4,328	16,910
7	4,618	16,620
8	4,927	16,311
9	5,257	15,981
10	5,609	15,629
11	5,984	15,253
12	6,385	14,852
13	6,813	14,425
14	7,269	13,968
15	7,756	13,482
16	8,275	12,962
17	8,830	12,408
18	9,421	11,817
19	10,052	11,186
20	10,725	10,512
21	11,443	9,794
22	12,210	9,028
23	13,027	8,210
24	13,900	7,338
25	14,831	6,407
26	15,824	5,413
27	16,884	4,354
28	18,015	3,223
29	19,221	2,016
30	20,508	729

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